Global Dynamics and Reflections on Critical Minerals

¹ Chinese Academy of Natural Resources Economics, Beijing, China
² Key Laboratory of Carrying Capacity Assessment for Resource and Environment, Ministry of Natural Resources, Beijing, China

^* Corresponding author: dwhu@canre.org.cn

Abstract

Critical minerals refer to minerals that have an important strategic position in high-tech application and economic development such as national defense, military industry and emerging industry, but their resource security is at risk. In the context of a new round of technological revolution and industrial transformation, critical minerals have become the focus in the world competition. The United States, the European Union, Japan, Canada, Australia and China have released the lists of critical minerals respectively. Their lists have a high degree of coincidence. In terms of the demand and governance situation, the distribution areas of critical minerals are highly concentrated but their demand shows structural differentiation. Moreover, developed countries have great power but China has weak power in the global governance of critical minerals. In terms of improving the global governance capability, China needs to create the evaluation system for sustainable development of critical minerals, strengthen international cooperation, promote the reform of governance and enhance China’s voice in the word. Moreover, China should carry out the strategy of critical minerals reserves.